All new attorney trust accounts should be opened as non-interest bearing checking accounts. Please instruct the attorney or law firm to call IOLTA to request registration forms.
Together with the attorney we will determine if the account should be converted to interest-bearing for IOLTA. Until then, use the attorney's Tax I.D. number (NOT the IOLTA number).
Attorneys do not need our permission or any paperwork to open an attorney trust account. You should allow use of the account in accordance with your usual policies. We will correspond with your Deposit Operations area if the lawyer indicates to us that the account should be an IOLTA.
The word "IOLTA" should not appear on checks or deposit slips. Do include the phrase: Attorney Trust Account, preferably on the second line. If the account is later converted to an IOLTA, the account title will be modified to include the word "IOLTA" but the checks and deposit slips can stay unchanged.
